Results news: Allianz determined to do away with all loss-making business

Andrew Torrance Allianz August2009

It came as Allianz announced a 10% drop in pre-tax profits to £36.7m for Q1 2010 (Q1 2009: £41.1m), despite a near 5% increase in gross written premium (GWP) to £411.3m.

Mr Torrance said: "We will continue to push on rate increases in commercial. Our Q1 lapse performance was good and we are willing to see more business lapse in Q2 to get rate strength. Every piece of business on our books should make an adequate contribution to our profit. I'm willing to see loss-making business go out the door

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